Shares of Nippon Life Asset Management Limited hit a 52-week high of Rs 489 on 20 December after a large block deal worth Rs 762 crore took place on the exchanges.

Around 1.78 crore shares of the company, representing 2.86% equity of the company, changed hands on the exchanges for an average price of Rs 427 per share, taking the total transaction value to Rs 762 crore.

The block deal triggered a spike in the volumes in the counter as 2 crore shares of the company changed hands on the bourses, which is multifold higher than its one-month traded average of seven lakh shares.

The buyers and sellers involved in this deal are yet to be identified. However, media outlet reported that Indusind Bank was looking to divest its entire holding of 2.86% in the company.

The company is one of the key asset managers in India and manages assets across mutual funds, including Exchange Traded Funds, managed accounts, portfolio management services, offshore funds and advisory mandates, and alternative investment funds.

At 3:30 pm, the shares of Nippon AMC closed 2.44% higher at Rs 460 on NSE.